Visa Inc (V) 2010 Q2 法說會逐字稿

Welcome to Visa, Inc.'s fiscal second quarter 2010 earnings conference call.

歡迎參加 Visa, Inc. 的 2010 財年第二季度財報電話會議。

All participants are in a listen-only mode until the question-and-answer session.

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the call over to your host, Mr.

我現在想把電話轉給你的主人，先生。

Jack Carsky, Head of Global Investor Relations.

全球投資者關係主管傑克·卡斯基。

Mr.

先生。

Carsky, you may begin.

卡斯基，你可以開始了。

Thank you, Jose.

謝謝你，何塞。

Good afternoon, and welcome to Visa, Inc.'s fiscal second quarter 2010 earnings conference call.

下午好，歡迎參加 Visa, Inc. 的 2010 財年第二季度財報電話會議。

With us today are Joe Saunders, Visa's Chairman and Chief Executive Officer and Byron Pollitt, Visa's Chief Financial Officer.

今天與我們在一起的還有 Visa 董事長兼首席執行官 Joe Saunders 和 Visa 首席財務官 Byron Pollitt。

This call is currently being webcast over the Internet.

該電話目前正在互聯網上進行網絡廣播。

It can be accessed on the Investor Relations section of our website at www.investor.visa.com.

可在我們網站 www.investor.visa.com 的投資者關係部分訪問。

A replay of the webcast will also be archived on our site for 30 days.

網絡廣播的重播也將在我們的網站上存檔 30 天。

A PowerPoint deck containing highlights of today's commentary was posted to our website prior to this call.

在本次電話會議之前，我們的網站上發布了包含今天評論要點的 PowerPoint 幻燈片。

Let me also remind you that this presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我還要提醒您，本演示文稿可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

By their nature, forward-looking statements are not guarantees of future performance and as a result of a variety of factors, actual results could differ materially from such statements.

就其性質而言，前瞻性陳述並非對未來業績的保證，並且由於多種因素，實際結果可能與此類陳述存在重大差異。

Additional information concerning these factors is available in the Company's filings with the SEC, which can be accessed through the SEC's website and the Investor Relations section of the Visa website.

有關這些因素的更多信息可在公司提交給 SEC 的文件中獲得，可通過 SEC 網站和 Visa 網站的投資者關係部分訪問。

For historical non-GAAP or pro forma related financial information disclosed in this call, related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal second quarter earnings press release.

對於本次電話會議中披露的歷史非 GAAP 或備考相關財務信息，相關的 GAAP 措施和 SEC 條例 G 要求的其他信息可在我們的第二財季財報新聞稿隨附的財務和統計摘要中找到。

This release can also be accessed through the IR section of our website.

此版本也可以通過我們網站的 IR 部分訪問。

With that, I'll turn the call over to Joe.

有了這個，我會把電話轉給喬。

Thanks, Jack, and thank you all for joining us for the second consecutive week.

謝謝，傑克，感謝大家連續第二週加入我們。

As we conclude the first half of our fiscal 2010, I'm increasingly optimistic that the worst of the recession is behind us as we are finally beginning to see evidence of a pickup in spending domestically and internationally.

隨著我們 2010 財年上半年的結束，我越來越樂觀地認為，經濟衰退最嚴重的時期已經過去，因為我們終於開始看到國內和國際支出回升的跡象。

This was apparent in the results of our fiscal second quarter as strong year-over-year payments volume and revenue gains were delivered in every area of our business.

這在我們第二財季的業績中很明顯，因為我們業務的每個領域都實現了強勁的同比支付量和收入增長。

However, while we are increasingly more comfortable with the economic environment in which we are operating, we remain watchful of the longer term sustainability of growth in the world economy.

然而，雖然我們對我們經營所在的經濟環境越來越感到舒適，但我們仍對世界經濟增長的長期可持續性保持警惕。

Earnings for our second fiscal quarter on a GAAP basis were $0.96 per diluted share, a $0.25, or 35% increase over the second quarter of 2009.

按公認會計原則計算，我們第二財季的收益為每股攤薄收益 0.96 美元，比 2009 年第二季度增長 0.25 美元或 35%。

Net income on a GAAP basis was $713 million, a 33% increase over the year-ago period.

按公認會計原則計算的淨收入為 7.13 億美元，比去年同期增長 33%。

Net operating revenues in the quarter were just under $2 billion, a 19% increase over the year-ago period as a result of stronger than anticipated payments volume, cross-border volume and process transaction growth coming from all areas of the globe.

本季度的淨營業收入略低於 20 億美元，比去年同期增長 19%，原因是來自全球所有地區的支付量、跨境量和流程交易增長強於預期。

Byron will get into the details, but overall, we are very pleased with our results and we remain cautiously optimistic that we will continue to see solid trends going forward.

拜倫將詳細介紹，但總體而言，我們對我們的結果感到非常滿意，我們仍然謹慎樂觀地認為，我們將繼續看到未來的穩健趨勢。

Process transaction growth continued to accelerate over the quarter ending the period at 14% on a year-over-year basis with over 10.6 billion transactions processed over VisaNet.

流程交易增長在本季度結束時繼續加速，同比增長 14%，通過 VisaNet 處理了超過 106 億筆交易。

This is up from the 12% growth rate we experienced last quarter, and well ahead of the same period a year ago when process transactions grew 6%.

這高於我們上一季度 12% 的增長率，遠高於去年同期 6% 的流程交易增長率。

With these trends, we are increasingly optimistic that our net revenue growth will now come in at the high end of our 11% to 15% range.

有了這些趨勢，我們越來越樂觀地認為，我們的淨收入增長現在將達到 11% 至 15% 範圍的高端。

While we delivered 16% growth year-to-date, keep in mind that we lap last year's data processing price increase at the end of the June quarter.

雖然我們今年迄今實現了 16% 的增長，但請記住，我們在 6 月季度末覆蓋了去年的數據處理價格上漲。

In addition, consistent with our annual plan and guidance, we are projecting modestly higher rebates and incentives in the back half of the year.

此外，根據我們的年度計劃和指導，我們預計今年下半年的回扣和激勵措施將適度提高。

Byron will provide greater detail on this.

拜倫將提供更多細節。

As you know, last week we announced an agreement to acquire CyberSource.

如您所知，上週我們宣布了一項收購 CyberSource 的協議。

It is a strong fit with our long-term strategic view of eCommerce and is complemented by its ability to deliver incremental benefits to our financial institution, customers and their cardholders.

這與我們對電子商務的長期戰略觀點非常吻合，並補充了它為我們的金融機構、客戶及其持卡人提供增量利益的能力。

While we would be happy to entertain any outstanding questions you may have at the end of this call, please keep in mind that because CyberSource shareholder approval is still pending, we will not be able to go into any more detail on the transaction than we did last week.

雖然我們很樂意回答您在本次電話會議結束時可能提出的任何懸而未決的問題，但請記住，由於 CyberSource 股東的批准仍在等待中，我們將無法比我們更詳細地了解交易上週。

I would refer you back to the presentation and transcript of our comments from the conference call.

我想請您參考電話會議中我們評論的演示文稿和文字記錄。

Additional information regarding the transaction will be available in the forthcoming registration statement form, S4, which will be filed with the SEC in due course.

有關交易的更多信息將在即將提交的註冊聲明表格 S4 中提供，該表格將在適當的時候提交給 SEC。

All in all, we continue to execute well against our business plan.

總而言之，我們繼續按照我們的業務計劃執行良好。

Our management team remains very focused on further expanding our payments network globally.

我們的管理團隊仍然非常專注於在全球範圍內進一步擴展我們的支付網絡。

By growing issuance and acceptance locations, by expanding our processing capabilities, by adapting our products and services to fit the needs of individual markets and by driving transactions with effective market programs.

通過增加發行和承兌地點，擴大我們的處理能力，調整我們的產品和服務以適應個別市場的需求，並通過有效的市場計劃推動交易。

As we navigate through the current economic environment, we are generating solid earnings results and will continue to focus on returning excess cash flow to our shareholders.

隨著我們在當前的經濟環境中導航，我們正在產生穩健的收益結果，並將繼續專注於向股東返還多餘的現金流。

While we temporarily curtailed our previously announced share buyback earlier in the second quarter, it is our intention to resume share repurchases this fiscal year as conditions warrant.

雖然我們在第二季度早些時候暫時減少了先前宣布的股票回購，但我們打算在條件允許的情況下在本財年恢復股票回購。

With that, let me turn the call over to Byron, who will take you through the details of our financial results, and then I'll be back to wrap up.

有了這個，讓我把電話轉給拜倫，他將帶你了解我們財務業績的細節，然後我會回來總結。

Thank you, Joe.

謝謝你，喬。

As is customary, let me begin with the financial highlights for our fiscal second quarter and then comment on the global payment volume trends for the current quarter followed by transaction results for April.

按照慣例，讓我從我們第二財季的財務亮點開始，然後評論本季度的全球支付量趨勢，然後是 4 月份的交易結果。

As Joe already mentioned, it was a very strong quarter with better than anticipated revenue growth.

正如喬已經提到的，這是一個非常強勁的季度，收入增長好於預期。

Global payment volume growth for the December quarter in constant dollars rose from a positive 3% in the September quarter to 8%.

以固定美元計算的 12 月季度全球支付量增長從 9 月季度的 3% 上升至 8%。

In the US, payment volume growth was a positive 7% in the December quarter, up from a negative 1% in the September quarter.

在美國，12 月季度的支付量增長為 7%，高於 9 月季度的負 1%。

Debit continued to prove both its resiliency as a product and its secular appeal by delivering a positive 15% growth compared to 7% growth in the September quarter.

借記卡實現了 15% 的正增長，而 9 月季度的增長率為 7%，從而繼續證明其作為產品的彈性和長期吸引力。

Credit improved to negative 1% in the December quarter from a negative 9% in the September period.

信貸從 9 月期間的負 9% 改善至 12 月季度的負 1%。

On a constant-dollar basis, rest of world payment volume grew at 10% in the December quarter, a modest improvement over the 8% rate delivered in the September quarter.

按固定美元計算，世界其他地區的支付量在 12 月季度增長了 10%，比 9 月季度 8% 的增長率略有改善。

These results continue to reflect solid secular growth and a strong and healthy diversified country base outside the US.

這些結果繼續反映穩健的長期增長以及美國以外強大而健康的多元化國家基礎。

Now, turning to the metrics that drive revenue on a current basis.

現在，轉向在當前基礎上推動收入的指標。

Global cross border volume growth continued to improve in the March quarter posting a positive 12% growth rate on a constant dollar basis from the positive 2% rate in the December period.

全球跨境交易量增長在 3 月季度繼續改善，從 12 月期間的 2% 的正增長率按固定美元計算，實現了 12% 的正增長率。

Transactions processed over Visa's network totalled 10.6 billion in the fiscal second quarter, an increase of 14% over the similar period a year ago and up from 12% growth we saw in the December quarter.

在第二財季，通過 Visa 網絡處理的交易總額為 106 億筆，比去年同期增長 14%，高於我們在 12 月季度看到的 12% 的增長。

Turning to the income statement.

轉向損益表。

In our fiscal second quarter, growth revenues of $2.3 billion were up 20% from the similar period in 2009.

在我們的第二財季，23 億美元的增長收入比 2009 年同期增長了 20%。

Volume and support incentives as a percentage of gross revenues came in at 16%, up from the prior year's recession influenced level of 15% and in line with our expectations and guidance for fiscal 2010 as payment volume growth improved.

數量和支持獎勵佔總收入的百分比為 16%，高於上一年受經濟衰退影響的 15%，並且隨著支付量增長的改善，符合我們對 2010 財年的預期和指導。

Net operating revenues in the quarter were almost $2 billion, a 19% increase over the operating revenues reported for the second fiscal quarter of 2009, driven by better than anticipated global payment volume and transact -- and process transaction growth in debit, in credit and cross-border payments.

本季度的淨營業收入接近 20 億美元，比 2009 年第二財季報告的營業收入增長 19%，這主要是由於全球支付量和交易量以及處理借方、貸方和跨境支付。

Moving to the individual revenue line items, service revenue was $885 million, up 10% over the prior-year period and reflective of accelerating payment volume growth in the quarter ending December, a trend which continued through the March quarter.

轉向單個收入項目，服務收入為 8.85 億美元，比去年同期增長 10%，反映了截至 12 月的季度支付量加速增長，這一趨勢一直持續到 3 月季度。

Data processing revenue was $728 million, up 34% over the prior year, based on strong process transaction growth of 14% and the continuing effect of previously enacted pricing actions.

數據處理收入為 7.28 億美元，比上年增長 34%，這得益於 14% 的強勁流程交易增長以及先前製定的定價行動的持續影響。

International transaction revenues were up a solid 22% to $545 million, due to an improvement in cross-border volumes during the volume.

由於交易量期間跨境交易量的改善，國際交易收入增長了 22% 至 5.45 億美元。

The foreign exchange impact on revenue in the second fiscal quarter was a positive 2% as a result of the weakening dollar against several key currencies.

由於美元兌幾種主要貨幣走弱，第二財季外匯對收入的影響為正 2%。

While the balance of this year's revenue forecast is substantially hedged, some quarter to quarter volatility may be exhibited due to the timing of hedges and the underlying volatility of currencies.

雖然今年收入預測的餘額已被大幅對沖，但由於對沖的時機和貨幣的潛在波動性，可能會出現一些季度到季度的波動。

Overall, for the full fiscal year, we expect the foreign exchange impact on revenue growth to be neutral to slightly positive.

總體而言，就整個財年而言，我們預計外匯對收入增長的影響將是中性至略微積極的。

Our operating margin was 57%, in line with our guidance of mid to high 50% range.

我們的營業利潤率為 57%，符合我們對中高 50% 範圍的指導。

Higher revenues in the period were offset by higher planned marketing and advertising spend in the quarter.

本季度較高的收入被本季度較高的計劃營銷和廣告支出所抵消。

We expect a similar dynamic in our fiscal third quarter as we ramp up ahead of the FIFA World Cup.

我們預計第三財季也會出現類似的動態，因為我們將在 FIFA 世界杯之前加快步伐。

Total operating expenses for the second quarter were $837 million, representing a year-over-year increase of $71 million, or 9%, driven by anticipated increases and marketing and advertising trend.

第二季度的總運營費用為 8.37 億美元，同比增長 7100 萬美元，增幅為 9%，主要受預期增長以及營銷和廣告趨勢的推動。

Our expectation continues to be that expenses on a full-year basis will be relatively flat to the 2009 level on a GAAP basis.

我們的預期仍然是全年支出將與 2009 年的 GAAP 水平相對持平。

Excluding any effect from our pending CyberSource acquisition.

不包括我們未決的 CyberSource 收購的任何影響。

On a sequential quarter basis, we saw moderately higher expenses in marketing and advertising as well, given higher spending on the Winter Olympics and upcoming World Cup events.

鑑於冬季奧運會和即將舉行的世界杯賽事的支出增加，我們看到營銷和廣告支出環比增長。

We also saw consolidated personnel expenses as we invest for future growth.

在為未來增長進行投資時，我們還看到了合併的人員費用。

Capital expenditures were $42 million in the quarter and $79 million year-to-date representing ongoing investment in technology and our newer initiatives.

本季度的資本支出為 4200 萬美元，年初至今為 7900 萬美元，代表了對技術和我們新舉措的持續投資。

For fiscal 2010, we expect capital expenditures to be around $200 million.

對於 2010 財年，我們預計資本支出約為 2 億美元。

Moving on to the balance sheet, we ended the first quarter in strong shape -- excuse me -- we ended the second quarter in strong shape with negligible debt and cash, cash equivalents, restricted cash and available for sale investments of $6.3 billion.

繼續看資產負債表，我們在第一季度結束時表現強勁——對不起——我們在第二季度結束時表現強勁，債務和現金、現金等價物、受限現金和可供出售投資為 63 億美元。

Of this total, $1.6 billion is restricted cash, which represents amounts sufficient to fully pay out the American Express settlement, with $1 billion that is currently uncommitted.

其中，16 億美元是受限現金，足以支付美國運通的和解金，其中 10 億美元目前尚未承諾。

The previously-announced unlocking of 50% of the remaining locked up class C shareholders commenced on March 1, and as anticipated, had little discernible effect on our trading activity.

先前宣布的 50% 剩餘鎖定 C 類股東的解鎖於 3 月 1 日開始，正如預期的那樣，對我們的交易活動幾乎沒有明顯影響。

As of the end of March, there are a total of 100 million class C shares outstanding, of which 55 million shares remain locked up.

截至3月底，C類股共有1億股流通在外，其中5500萬股仍處於鎖定狀態。

Now, let me comment on March's payment volume data and our early read on April.

現在，讓我評論一下 3 月份的支付量數據和我們 4 月份的早期數據。

Then I'll cover our updated financial expectations for the balance of the year.

然後我將介紹我們對今年餘下時間的最新財務預期。

Global payment volume growth for the March quarter in constant dollars rose to 13% from a positive 8% in December.

以固定美元計算，3 月份季度的全球支付量增長從 12 月份的 8% 上升至 13%。

We experienced meaningful growth in every one of our global regions.

我們在全球每個地區都經歷了有意義的增長。

In the US, payment volume growth was a positive 13% in the March quarter, up from a positive 7% in the December quarter.

在美國，3 月季度的支付量增長為 13%，高於 12 月季度的 7%。

Debit continued its strong recent trend, delivering a positive 21% growth compared to 15% growth in the December period.

借記卡延續了近期的強勁趨勢，實現了 21% 的正增長，而 12 月期間的增長為 15%。

Debit currently accounts for 57% of total US payment volume.

借記卡目前占美國總支付量的 57%。

Credit accelerated a positive 3% growth in the March quarter from a negative 1% in the December period.

信貸從 12 月期間的負 1% 加速了 3 月季度的 3% 正增長。

More recently, through the twenty-first of April, US payment volume grew at 15%, 2 percentage points ahead of the March quarter rate, but 1 point lower than the month of March growth rate of 16%.

最近，到 4 月 21 日，美國支付量增長了 15%，比 3 月份季度增長率高 2 個百分點，但比 3 月份 16% 的增長率低 1 個百分點。

Further deconstructed, debit grew at 22% while credit grew at 7%.

進一步解構後，借方增長了 22%，而貸方增長了 7%。

On a constant-dollar-basis, rest of world payment volume grew at 14% in the March quarter, up from a 10% rate in the December quarter.

在美元不變的基礎上，世界其他地區的支付量在 3 月季度增長了 14%，高於 12 月季度的 10%。

These results recognize continued secular growth and a strong and healthy diversified country base outside the US.

這些結果認可了美國以外的持續長期增長和強大而健康的多元化國家基礎。

Global, cross-border volume growth accelerated considerably in the March quarter, posting a 12% growth rate on a constant dollar basis from the positive 2% rate in the December period.

全球跨境交易量在 3 月季度大幅加速增長，從 12 月期間的 2% 正增長率按固定美元計算增長 12%。

Growth in the month of March was an unexpectedly strong 16%.

3 月份的增長率出乎意料地強勁，達到 16%。

In contrast to our view a quarter ago, this trend appears to be more representative of a broader cyclical trend rather than just pent-up demand.

與我們一個季度前的觀點相比，這一趨勢似乎更能代表更廣泛的周期性趨勢，而不僅僅是被壓抑的需求。

April cross-border volume growth on a constant basis sustained the strong growth rate we saw in March, posting a 17% rate of growth through the twenty-first of the month.

4 月跨境交易量持續增長，維持了我們在 3 月看到的強勁增長率，到本月 21 日實現了 17% 的增長率。

Process transactions through the twenty-first grew at 15% over the prior-year period, up slightly from the 14% growth posted for the second fiscal quarter, but down a point from the 16% growth rate delivered in the month of March.

通過 21 年的流程交易比去年同期增長了 15%，略高於第二財季公佈的 14% 的增長率，但比 3 月份實現的 16% 的增長率下降了一個點。

Now let me comment on our expectations for the remainder of the fiscal year for operating performance and the resulting impact on our full-year guidance.

現在讓我評論一下我們對本財年剩餘時間的經營業績的預期以及由此對我們的全年指導的影響。

As Joe mentioned, given our year-to-date results, we are now comfortable with a net revenue growth target at the high end of the 11% to 15% range.

正如喬所說，鑑於我們年初至今的業績，我們現在對 11% 至 15% 範圍的高端淨收入增長目標感到滿意。

Despite our year-to-date growth of 16%, we anticipate a couple of dynamics over the back half of the year.

儘管我們今年迄今增長了 16%，但我們預計下半年會出現一些動態。

First, the data processing pricing action we took in April of 2009 will lap in our June quarter, making year-over-year growth comparisons in this line item less favorable in the fourth quarter.

首先，我們在 2009 年 4 月採取的數據處理定價行動將在 6 月季度結束，這使得該項目的同比增長比較在第四季度不太有利。

Second, consistent with our guidance, we expect rebate and incentive costs to increase moderately in the second half due to higher earn out rates tied to the higher volumes we're experiencing.

其次，與我們的指導一致，我們預計回扣和激勵成本將在下半年適度增加，因為更高的收益率與我們正在經歷的更高的交易量相關。

Remember, as discussed at our investor day, the level of incentives tied to payment volume growth declined in fiscal year 2009 due to economic conditions.

請記住，正如我們在投資者日所討論的那樣，由於經濟狀況，與支付量增長相關的激勵水平在 2009 財年有所下降。

Consistent with our internal operating plan and our guidance, the level and incentives earned will naturally rise with volume in 2010, with the financial impact weighted more to the second half of the fiscal year.

根據我們的內部運營計劃和我們的指導，2010 年獲得的水平和激勵措施自然會隨著數量的增加而增加，財務影響在本財年下半年的比重更大。

In addition, we also anticipate signing several new deals, some as soon as the third quarter, which may have up-front payments that are directly expensed rather than amortized, resulting in some lumpiness to our quarter-to-quarter incentive levels.

此外，我們還預計會簽署幾項新交易，其中一些最早會在第三季度簽署，這些交易可能會有直接支出而不是攤銷的預付款，導致我們的季度激勵水平出現一些波動。

That said, consistent with our Q1 guidance, we are still comfortable with full-year rebates and incentives as a percentage of gross revenue in the range of 16% to 17%, potentially at the higher end.

也就是說，與我們第一季度的指導一致，我們仍然對全年返利和激勵措施佔總收入的百分比在 16% 至 17% 之間感到滿意，可能處於較高端。

Our expectation for our full year 2010 operating margin remains in the mid to high 50s.

我們對 2010 年全年營業利潤率的預期保持在 50 年代中期至較高水平。

As exhibited this quarter, increased marketing and advertising expenses, as well as further investments in our newer initiatives, offset the higher margin we reported in our first fiscal quarter.

正如本季度所展示的，營銷和廣告費用的增加，以及對我們新計劃的進一步投資，抵消了我們在第一財季報告的較高利潤率。

We expect similar dynamics in our fiscal third and fourth quarters.

我們預計第三財季和第四財季也會出現類似的動態。

We expect our full fiscal year 2010 tax rate to be in the range of 36.5% to 38.5%.

我們預計 2010 財年全年的稅率將在 36.5% 至 38.5% 之間。

We continue to target better than 20% earnings per share growth in 2010 on a GAAP basis, excluding the VisaNet Brazil gain and a 2011 earnings per share growth goal of better than 20%.

我們繼續將 2010 年基於 GAAP 的每股收益增長目標定在 20% 以上，不包括 VisaNet 巴西的收益和 2011 年超過 20% 的每股收益增長目標。

We expect capital expenditures to be around $200 million and lastly, our projection for free cash flow for the year remains north of $2 billion, which is net of the $682 million prepayment we made last quarter on the previously-settled retailers litigation.

我們預計資本支出約為 2 億美元，最後，我們對今年自由現金流的預測仍保持在 20 億美元以上，這是我們上個季度在先前解決的零售商訴訟中預付的 6.82 億美元的淨額。

That concludes my comments, so I'll turn the call back to Joe.

我的評論到此結束，所以我將把電話轉回給喬。

Thanks, Byron.

謝謝，拜倫。

In closing, let me say, it has certainly been a very busy and exciting time at Visa.

最後，讓我說，這無疑是 Visa 非常忙碌和激動人心的時刻。

We are fortunate to sit at the center of a dynamic and highly competitive industry.

我們很幸運地處於一個充滿活力和競爭激烈的行業的中心。

Not only are more consumers turning their backs on cashing checks, but more governments and businesses are embracing the speed, security and reliability of Visa digital currency in every part of the world.

不僅越來越多的消費者拒絕兌現支票，而且越來越多的政府和企業正在世界各地接受 Visa 數字貨幣的速度、安全性和可靠性。

Inevitably, along with our success comes increased competition from companies large and small, both within and outside of the United States.

不可避免地，伴隨著我們的成功而來的是來自美國國內外大大小小的公司的日益激烈的競爭。

However, as we have done in the past, we will continue to challenge ourselves to innovate and adapt to the ever-changing competitive landscape.

然而，正如我們過去所做的那樣，我們將繼續挑戰自我，以創新和適應不斷變化的競爭格局。

Importantly, we are taking concrete steps to achieve our strategic objectives and secure our long-term growth to the benefit of Visa's shareholders and clients.

重要的是，我們正在採取具體措施來實現我們的戰略目標並確保我們的長期增長，以造福於 Visa 的股東和客戶。

We are also continuing to build our management team with key hires to lead and operationalize our activities in mobile and eCommerce.

我們還將繼續建立我們的管理團隊，聘請關鍵員工來領導和實施我們在移動和電子商務方面的活動。

But even as we look to the future, we continue to focus on the tremendous opportunities in our core business.

但即使我們展望未來，我們仍將繼續關注核心業務中的巨大機遇。

The ongoing migration to digital currency from cash and checks.

從現金和支票到數字貨幣的持續遷移。

By way of example, at the end of calendar year 2009, the number of Visa, debit and prepaid cards issued globally surpassed 1 billion for the first time in our history.

例如，在 2009 年年底，全球發行的 Visa、借記卡和預付卡數量在我們的歷史上首次超過 10 億張。

This represents not only further penetration of debit globally, but the underlying growth and importance of prepaid cards, which are key contributor of all of our debit business overall.

這不僅代表了借記卡在全球範圍內的進一步滲透，而且代表了預付卡的潛在增長和重要性，這是我們所有借記卡業務的主要貢獻者。

And in the coming weeks, we will increase our marketing activation around our FIFA sponsorship -- excuse me -- around our FIFA sponsorship in advance of this summer's World Cup.

在接下來的幾週內，我們將圍繞我們的國際足聯贊助——對不起——在今年夏天的世界杯之前圍繞我們的國際足聯贊助增加我們的營銷活動。

The majority of these marketing investments will be focused on increasing awareness of the benefits of debit and premium credit products with the goal of driving every day and cross-border transactions.

這些營銷投資的大部分將集中在提高人們對借記卡和高級信用卡產品的好處的認識上，目標是推動日常交易和跨境交易。

Particular emphasis will be given to markets with strong growth potential and a passion for soccer.

將特別強調具有強大增長潛力和對足球充滿熱情的市場。

With this, we are ready to take any questions.

有了這個，我們準備好回答任何問題。

Certainly.

當然。

(Operator Instructions) To be sure all questioners are heard, we ask you please limit yourself to one question.

（操作員說明）為確保聽到所有提問者的聲音，我們要求您將自己限制在一個問題上。

(Operator Instructions) One moment for our first question.

（操作員說明）我們的第一個問題一會兒。

The first question comes from Adam Frisch, Morgan Stanley.

第一個問題來自摩根士丹利的亞當弗里施。

Thanks, good afternoon, guys.

謝謝各位，下午好。

Really solid and straightforward quarter, so I guess I'll focus on emerging markets and CyberSource is kind of off the table for now.

一個非常穩定和直接的季度，所以我想我會專注於新興市場，而 CyberSource 暫時不在討論範圍內。

Turning to of the Brazil, two of the larger banks announced a JV this week.

談到巴西，兩家較大的銀行本周宣布成立合資企業。

Certainly can be seen as a threat to you, but our industry contacts suggests they're going after the private label market but not your core offerings.

當然可以被視為對您的威脅，但我們的行業聯繫人表明他們正在追求自有品牌市場，而不是您的核心產品。

So any color you can provide there would be great, and an update in other initiatives like India and Russia would also be appreciated.

因此，您可以提供的任何顏色都會很棒，並且印度和俄羅斯等其他倡議的更新也將不勝感激。

If you could focus on the support you are getting from the big banks and government entities in these markets, that would be really helpful.

如果您可以專注於從這些市場的大銀行和政府實體獲得的支持，那將非常有幫助。

Thanks.

謝謝。

Well, as it relates to Brazil, there is not much to report beyond what you just said.

好吧，因為它與巴西有關，除了你剛才所說的之外，沒有什麼可報告的。

Every indication that we have from any conversations we have had with individuals at those institutions would suggest exactly what you said, Adam.

從我們與這些機構的個人進行的任何對話中，我們得到的每一個跡像都將準確地表明你所說的，亞當。

So we don't look at this as being threatening to us, certainly in the near-term.

因此，我們不認為這對我們構成威脅，尤其是在短期內。

Is it relates to Russia, we're working well with the government and with Share Bank which is, as you know, one of the -- well, the largest institution, as well as other banks.

它是否與俄羅斯有關，我們與政府和 Share Bank 合作良好，正如你所知，Share Bank 是最大的機構之一，也是其他銀行。

As a matter of fact, we signed an agreement with Share Bank -- well I signed an agreement with Share Bank while we were at the Olympics, and it covered an agreement on how we were going to operate cooperatively at the Winter Olympics in Russia.

事實上，我們與 Share Bank 簽署了一項協議——我在奧運會期間與 Share Bank 簽署了一項協議，其中包括一項關於我們將如何在俄羅斯冬季奧運會上合作運營的協議。

Share Bank, who has actually traditionally been more of a Master Card bank than a Visa bank, is fully committed to issuing only Visa cards from now through the Winter Olympics.

Share Bank 歷來更像是一家萬事達卡銀行，而不是 Visa 銀行，它完全致力於從現在到冬季奧運會期間只發行 Visa 卡。

And I have nothing new to report on India other than what we've reported up to now.

除了我們迄今為止報導的內容外，我沒有什麼新的關於印度的報導。

The next question comes from David Hochstim, Buckingham Research.

下一個問題來自白金漢研究所的 David Hochstim。

Following up on that answer to Adam's question, is Share Bank just only issuing new Visa cards, or are they going to convert from MasterCard to Visa?

繼續回答亞當的問題，Share Bank 是否只是發行新的 Visa 卡，還是他們會從 MasterCard 轉換為 Visa？

And then my real question was, can you give us some color on what you see in the way of cross-border and spending improvement?

然後我真正的問題是，您能否就您在跨境和支出改善方面看到的情況給我們一些顏色？

And then, have you seen evidence in this last quarter of a pickup in discretionary spending in credit card?

然後，您是否在上個季度看到信用卡可自由支配支出增加的證據？

Is there faster growth in signature cards than in other credit cards?

簽名卡的增長速度是否比其他信用卡更快？

Well, I'll answer the first part of the question, which is the simple part.

好吧，我將回答問題的第一部分，這是簡單的部分。

The answer is I don't believe that they're converting anything that they have.

答案是我不相信他們正在轉換他們擁有的任何東西。

I was speaking primarily of new issuance, although that is over a multi-year period of time.

我說的主要是新發行，儘管那是多年的時間。

I don't know that they'll issue zero Master Card cards, but their principal partner by far.

我不知道他們會發行零萬事達卡，但他們迄今為止的主要合作夥伴。

What we can say on cross-border is that we are seeing just strong cross-border gains throughout the globe.

關於跨境，我們可以說的是，我們在全球範圍內看到了強勁的跨境收益。

If we were to look at cross-border for the second quarter for Visa transactions, while it was in constant dollars, the category was up 12%.

如果我們看一下第二季度 Visa 交易的跨境交易，當它以固定美元計算時，該類別增長了 12%。

11% in the US, 12% rest of world.

美國 11%，世界其他地區 12%。

So it's a broad-based recovery on cross-border.

因此，這是一個基礎廣泛的跨境復甦。

And then what we -- with regards to discretionary versus non-discretionary, the mix for us -- for the quarter just ended in the US, which is what we have real-time visibility to, the mix is now a couple of percentage points higher for non-discretionary.

然後我們——關於全權委託與非全權委託，我們的組合——對於剛剛在美國結束的季度，這是我們實時可見的，現在的組合是幾個百分點非自由裁量權更高。

So in the spirit of your question, we would say that the pickup is still very much debit, very much non-discretionary, but with credit starting to show signs of life.

因此，根據您的問題的精神，我們會說提貨仍然是藉方的，非常非自由裁量的，但貸方開始顯示出生命跡象。

But even within our credit portfolio, we're finding that the mix of non-discretionary is continuing to rise.

但即使在我們的信貸組合中，我們也發現非全權委託的組合正在繼續上升。

Modestly, but continuing to rise.

適度，但繼續上升。

The next question comes from Rod Bourgeois, Bernstein.

下一個問題來自伯恩斯坦的羅德布爾喬亞。

Yes guys, it sounds like you're poised to win some new accounts.

是的，伙計們，聽起來您準備贏得一些新帳戶。

Can you give us any profile information on the types of wins you're expecting in terms of size or geography?

您能否向我們提供有關您在規模或地理方面所期望的勝利類型的任何個人資料信息？

And if you can comment on the basis for how you're winning these deals.

如果您可以評論您如何贏得這些交易的基礎。

And then also related to that, Brian, since you have some unamortizable expenses attached to these wins, should we expect this to be more of a new and common trend in terms of how you deal with the up-front expenses on new wins?

然後也與此相關，布賴恩，既然你有一些與這些勝利相關的不可攤銷的費用，我們是否應該期望這會成為你如何處理新勝利的前期費用的一個新的和普遍的趨勢？

Thanks.

謝謝。

So let me give you some perspective on that.

所以讓我給你一些看法。

When we guide at the beginning of the year -- by the way, let me first say that what is unfolding this year is very consistent with how we planned the year and how we guided to it.

當我們在年初指導的時候——順便說一句，我首先要說的是，今年正在發生的事情與我們今年的計劃和指導方式非常一致。

And we have a -- every year, we have a natural deal pipeline, a natural flow of deals.

我們有一個 - 每年，我們都有一個自然的交易渠道，一個自然的交易流。

What's hard to predict is when those deals will actually renew or come to conclusion.

難以預測的是，這些交易何時會真正續籤或結束。

And it's when you actually have a signed agreement that you can then trigger the accounting, and so there is no particular call out on wins, losses, renewals here.

並且當您實際上簽署了協議時，您就可以觸發會計，因此這裡沒有特別呼籲勝利，失敗，續約。

This is -- for fiscal year 2010, this is just how the deal pipeline fell, and as a result, we're more second-half weighted in the incentives than we would book in the first half.

這是 - 對於 2010 財年，這正是交易渠道下降的原因，因此，我們在激勵措施中的權重比我們在上半年的預定要高。

And you'll notice that we are still affirming that the level of incentives for the year are within the guidance we gave at the Q1 earnings call.

你會注意到，我們仍然確認今年的激勵水平在我們在第一季度財報電話會議上給出的指導範圍內。

With regard to the amortized or expense, again, I would say that there is no call-out here.

關於攤銷或費用，我想說這裡沒有調出。

That we anticipated a certain amount of those incentives being expensed and what we are reporting, although second half weighted, is still very much consistent with the way we thought the year would unfold.

我們預計一定數量的激勵措施將被支出，我們報告的內容，儘管下半年加權，仍然與我們認為今年將展開的方式非常一致。

The next question comes from Credit Suisse.

下一個問題來自瑞士信貸。

Thanks, just in that same vein following up, could you talk about what -- perhaps what percentage of the annual revenues in those contracts might be, those incentives might comprise?

謝謝，就在同樣的情況下，您能否談談這些激勵措施可能包括哪些 - 也許這些合同中年收入的百分比可能是多少？

Because it would seem that that should imply that fiscal 2011 should have some benefits relative to this year.

因為這似乎意味著 2011 財年相對於今年應該有一些好處。

We don't guide or talk about the first part of your question.

我們不會指導或談論您問題的第一部分。

We don't break that part out in any detail.

我們不會詳細說明那部分。

But the second -- but the conclusion you're drawing is fair, that -- and I think there are two phenomena here.

但第二個——但你得出的結論是公平的——我認為這裡有兩種現象。

And, frankly, it is a bit -- it has something to do with the deal flow, but, frankly, it's more about the earn outs.

而且，坦率地說，這有點 - 它與交易流程有關，但坦率地說，它更多的是關於收益。

Fiscal 2009 was a depressed, a non-normalized depressed incentive year because portfolios did not grow substantively during that year.

2009 財年是一個低迷的、非標準化的低迷激勵年，因為該年投資組合沒有實質性增長。

Many of them didn't grow at all.

他們中的許多人根本沒有成長。

And so what you have in 2010 is the beginning of a return to a more normalized incentive level.

因此，您在 2010 年所擁有的是回歸更正常化激勵水平的開始。

You have growth in the portfolios.

您的投資組合有所增長。

You'll notice we're now reporting year-over-year positive growth in the credit portfolios, not just the debit portfolios.

您會注意到，我們現在報告的信貸組合同比正增長，而不僅僅是藉方組合。

And then -- and so what is happening is, you're starting to earn a level of incentives and get back to a more normalized level, which then resets the base in fiscal year 2010 and hence, you would expect, everything else being equal, a more moderated level of incentives in the year that follows, a more moderated level of growth and incentives for 2011.

然後 - 所以正在發生的事情是，你開始獲得一定程度的激勵並恢復到更正常的水平，然後在 2010 財年重置基數，因此，你會期望，其他一切都是平等的，隨後一年的激勵水平更加溫和，2011 年的增長和激勵水平更加溫和。

I think I would add, that as it relates to the number of transactions that we've consummated over the last two years, it has partially been a result of the economy and the consolidation of the banking industry, and I think we're pretty much at the tail end of that right now.

我想我要補充一點，因為它與我們在過去兩年中完成的交易數量有關，部分原因是經濟和銀行業的整合，我認為我們很漂亮現在大部分時間都在最後。

So I'm not sure that you'll see as many deals in 2011 as you have in the last two years.

所以我不確定你會在 2011 年看到與過去兩年一樣多的交易。

The next question comes from David Long, William Blair.

下一個問題來自大衛·朗、威廉·布萊爾。

Hey, guys.

大家好。

MasterCard is increasing prices from what we hear, on merchant assessments as of April 1.

從 4 月 1 日起，根據我們所聽到的商家評估，萬事達卡正在提高價格。

And so my question is, have you guys raised merchant assessment pricing, as well?

所以我的問題是，你們是否也提高了商家評估定價？

And then also as a follow-up, is there any other pricing increases that we should be thinking about here for your fiscal third quarter?

然後作為後續行動，我們是否應該為您的第三財季考慮其他價格上漲？

Well, we've already announced an increase in our acquirers' fees similar to the one that MasterCard did, and ours is effective in July.

好吧，我們已經宣布提高收單機構的費用，類似於萬事達卡所做的那樣，我們的收費將於 7 月生效。

But because of the way that we book, our service fees won't show up in our revenues until our first fiscal quarter, which would be the October quarter.

但由於我們的預訂方式，我們的服務費要到我們的第一個財政季度（即 10 月季度）才會出現在我們的收入中。

quarter.

四分之一。

The next question comes from Tien-Tsin Huang, JPMorgan.

下一個問題來自摩根大通的 Tien-Tsin Huang。

Hi, thanks.

你好謝謝。

I wanted to ask about the cross border, which was stronger than we expected.

我想問一下跨界，比我們預想的要強。

The difference between the 22% in cross-border revenue versus the 19% reported volume, Byron, is the delta there pricing, or did mix contribute to the spread widening out there?

22% 的跨境收入與 19% 的報告量之間的差異，拜倫，是那裡的三角洲定價，還是混合導致了那裡的價差擴大？

Do you follow my question?

你聽懂我的問題了嗎？

The -- we don't hedge volumes, but we hedge revenue.

- 我們不對沖數量，但我們對沖收入。

And so I think there's no real call-out here with regards to the international.

所以我認為這裡沒有關於國際的真正呼籲。

It's tracking pretty close, but it will always have several data -- it would not be unusual to have several points of difference plus or minus.

它的跟踪非常接近，但它總會有幾個數據——有幾個正負的差異點並不罕見。

The next question comes from Jason Kupferberg, UBS.

下一個問題來自瑞銀的 Jason Kupferberg。

Thanks, good afternoon, guys.

謝謝各位，下午好。

I just wanted to follow up at a comment you had made at analysts meeting about seeing a narrowing of the traditional gap between pin and sig debit interchange rates.

我只是想跟進你在分析師會議上發表的關於看到 pin 和 sig 借記卡交換率之間的傳統差距縮小的評論。

Can you give us update on what the impetus is for this movement ,and does it also apply to your network fees, or is it really just on the interchange side?

您能否向我們介紹一下這一運動的動力是什麼，它是否也適用於您的網絡費用，還是真的只是在交換方面？

And is the goal here to more or less to keep the average interchange rate about the same just by tweaking pin up and sig debit down?

這裡的目標是或多或少地通過調整 pin up 和 sig debit 來保持平均交換率大致相同嗎？

Well, there are parts of that question that I can answer and parts of it that I can't.

嗯，這個問題有些部分我可以回答，有些部分我不能回答。

And parts of it that I shouldn't.

以及我不應該的部分。

But I -- but what I would say to you is that I don't think the trend from signature to pin is any much different than it's been for quite a while.

但我——但我要對你說的是，我認為從簽名到別針的趨勢與很長一段時間以來沒有太大的不同。

And while the pin volume has grown, so has the signature volume.

雖然 pin 數量增加了，但簽名量也增加了。

And the signature volume is considerably more than the pin volume.

並且簽名量遠遠超過引腳量。

It is always been a fact that a merchant of pin use pin to any extent that we want.

銷釘商人隨心所欲地使用銷釘一直是事實。

If a merchant wants to put terminals in -- pin terminals in, then they're more than welcome to do so.

如果商家想要插入終端——將終端插入，那麼我們非常歡迎他們這樣做。

So what's going on isn't, in my opinion, or from what we can see, much different than what's been going on for quite some time.

因此，在我看來，或者從我們所看到的情況來看，正在發生的事情與相當長一段時間以來發生的事情並沒有太大的不同。

By the way, which means that it isn't narrowing anywhere near as rapidly as your question would suggest.

順便說一句，這意味著它並沒有像你的問題所暗示的那樣迅速縮小。

The next question comes from Chris Mammone, Deutsche Bank.

下一個問題來自德意志銀行的 Chris Mammone。

Thanks.

謝謝。

I have a similar question to Tien-Tsin's.

我對Tien-Tsin有類似的問題。

Could you go into more color on the service fee revenue growth?

您能否對服務費收入增長進行更多說明？

It looks like growth in service fees lagged your payment volume growth, which is a reversal of the trend, at least in the past four quarters.

看起來服務費的增長落後於您的支付量增長，這是趨勢的逆轉，至少在過去四個季度中是這樣。

With regards to service fees, again, I would -- I think what we report is on service fees on volume is unhedged, so it is a gross number, nominal unhedged.

關於服務費，我想 - 我認為我們報告的關於數量的服務費是未對沖的，所以它是一個總數，名義上是未對沖的。

When you -- when we reported in our financial statements it is hedged, and so there is always going to be a delta with regards to that.

當你——當我們在我們的財務報表中報告它時，它是被對沖的，所以總是會有一個關於它的增量。

Now, having said that, there will be -- I wouldn't get overly concerned about an individual quarter.

現在，話雖如此，但我不會過分關注單個季度。

We ought to be looking at it over several quarters, because there will be ins and outs for the quarter.

我們應該在幾個季度內觀察它，因為這個季度會有來龍去脈。

And having said all of that, there is always a degree of variance that will occur simply because there is a difference in mix.

說了這麼多，總是會出現一定程度的差異，這僅僅是因為混合存在差異。

We have one level of service fee yield in the United States, which is where most of the -- it is the single largest source of service fees.

我們在美國有一個級別的服務費收益，這是大多數 - 它是服務費的最大單一來源。

As you move outside the United States, we have very different mix profiles.

當您移居美國以外時，我們的組合配置文件非常不同。

So it actually does matter from which geographies the stronger growth rates are coming, because if yield is higher in the faster-growing, then we will have, everything else being equal, we'll have service fee revenues growing faster than payment volume.

因此，來自哪個地區的增長速度更快確實很重要，因為如果增長更快的地區的收益率更高，那麼我們將擁有，在其他條件相同的情況下，我們的服務費收入增長速度將超過支付量。

But if it is coming from areas that have lower yields on service fees, then we will have the opposite.

但如果它來自服務費收益較低的地區，那麼我們的情況就會相反。

And then, of course, there is a difference between the mix between credit and debit.

然後，當然，貸記和借記之間的混合是有區別的。

Credit carries on balance higher service fee yields than debit.

貸方的服務費收益率高於借方。

And then within debit, signature carries a different service fee yield than pin signature debit than pin debit.

然後在藉記中，簽名帶來的服務費收益與 pin 簽名借記和 pin 借記不同。

So in short, there are quite a few factors that go into the actual translation of payment volume into revenue, and what you see is the outcome of all of those in a given quarter.

因此，簡而言之，將支付量實際轉化為收入有很多因素，您所看到的是給定季度所有這些因素的結果。

All in all, we feel it is a pretty healthy growth rate, and it is growing at a rate that is, frankly, somewhat above our expectations at the beginning of the year.

總而言之，我們認為這是一個相當健康的增長速度，而且坦率地說，它的增長速度略高於我們年初的預期。

The next question comes from Julio Quinteros, Goldman Sachs.

下一個問題來自高盛的 Julio Quinteros。

Hey, Byron.

嘿，拜倫。

Can I stay on that same point, just to add another quick question about the delta on that card services fees?

我可以停留在同一點上，只是添加另一個關於該卡服務費用增量的快速問題嗎？

How much of that, if any, is attributable to tiering?

如果有的話，其中有多少歸因於分層？

In other words, people moving, volumes coming back faster and some of the tiered pricing you would see, maybe even a merchant mix situation.

換句話說，人員流動、交易量恢復得更快以及您會看到的一些分層定價，甚至可能是商家組合的情況。

Trying to get a sense if there is something that that could also be another factor to contemplate in the delta there?

試圖了解是否有一些東西也可能是在三角洲中考慮的另一個因素？

Yes, I think the answer I gave earlier, Julio, there are a multitude of factors.

是的，我認為我之前給出的答案，胡里奧，有很多因素。

I would say that the factor you just described has very little to do with the calculation.

我會說你剛才描述的因素與計算幾乎沒有關係。

The added concentration of payment volume would be much more a driver than tiering.

支付量的增加集中度將比分層更重要。

I think the short answer to everything that Byron has said, is that nothing has essentially changed in the way that we do business or the way that we generate revenue or what our yields are.

我認為對拜倫所說的一切的簡短回答是，我們開展業務的方式或我們產生收入的方式或我們的收益率沒有發生本質上的變化。

I think there will be some anomalies on a quarter-to-quarter basis, but as he said earlier, look at the year, look at several quarters and you are not going to see any significant change.

我認為每個季度都會出現一些異常情況，但正如他之前所說，看看一年，看看幾個季度，你不會看到任何重大變化。

So there is nothing going on that we're aware of, and we've looked at it pretty carefully, that is significantly changing or that you'll have to think of as being different than it has been in the past.

所以我們沒有意識到發生了什麼，並且我們已經非常仔細地研究了它，它正在發生重大變化，或者你必須認為它與過去不同。

The next question comes from Sanjay Sakharani, KBW.

下一個問題來自 KBW 的 Sanjay Sakharani。

Byron, I was wondering if you'd talk about that personnel line.

拜倫，我想知道你是否會談論那條人事路線。

You mentioned some reinvestment there, and I was wondering how we should think about it in ongoing basis.

你提到了那裡的一些再投資，我想知道我們應該如何看待它。

And maybe if you could split out investment spend portion versus the core number there.

也許如果您可以將投資支出部分與那裡的核心數字分開。

The then second question was, just to your comments that the rebound in volume seems to be related to a broader cyclical trend versus pent up demand.

然後第二個問題是，就您的評論而言，交易量的反彈似乎與更廣泛的周期性趨勢有關，而不是被壓抑的需求。

I was wondering if you could talk about the specific items that lead you to believe that that's the case.

我想知道您是否可以談談使您相信是這種情況的具體項目。

Thanks.

謝謝。

Okay.

好的。

On the personnel line, I think just keep in mind that we are coming off a year, namely 2009, where it was -- we had a combination of a very uncertain economic environment where it made sense to put a very close watch on expenses.

在人事方面，我想請記住，我們即將結束一年，即 2009 年，當時我們所處的經濟環境非常不確定，因此密切關注開支是有意義的。

And at the same time, we were completing the rationalization of expenses associated with the merging of the various Visa companies at the time of the IPO.

同時，我們正在完成 IPO 時與各種 Visa 公司合併相關的費用合理化。

And so at the same time we were then -- as we completed the rationalization, we were then waiting for the right time to really start gearing up and recognizing that we have a lot of secular growth to capture.

因此，在我們完成合理化的同時，我們正在等待合適的時間真正開始準備，並認識到我們有很多長期增長需要捕捉。

That means we need people and more people on the ground in countries, calling and servicing clients and that it's time for us to start ramping that up.

這意味著我們需要在各個國家/地區進行實地工作的人員和更多人員，為客戶提供電話和服務，現在是我們開始加大力度的時候了。

And so we don't have a specific call out or breakout on the personnel, but the notion here is it's time to start investing in our cost structure to support the growth in revenue and capturing the secular.

因此，我們沒有對人員的具體要求或突破，但這裡的概念是是時候開始投資我們的成本結構以支持收入增長並抓住世俗。

It's not a heavy investment, because we are basically a -- we're leveraging a -- our platforms.

這不是一項重大投資，因為我們基本上是一個——我們正在利用一個——我們的平台。

But it is time to start growing that line, which is what you're beginning to see.

但現在是開始增長這條線的時候了，這就是你開始看到的。

With regards to the rebound, we're just remaining cautious on this front.

關於反彈，我們只是在這方面保持謹慎。

There are very mixed views from an economic standpoint as to whether or not what we're seeing in today's economy, even globally, is supported by strong fundamentals.

從經濟的角度來看，對於我們在當今經濟甚至全球範圍內所看到的情況是否得到強勁基本面的支持，存在非常不同的看法。

But there is no denying, as I referenced on the cross-border transactions, that this -- we are in an environment where the world is traveling again.

但不可否認，正如我在跨境交易中提到的那樣，我們正處於一個世界再次旅行的環境中。

I say the world, we don't have Europe, but it seems everyone else is traveling.

我說世界，我們沒有歐洲，但似乎其他人都在旅行。

And we're starting to see a return of growth to in the credit portfolios, not just the debit.

我們開始看到信貸組合的增長回歸，而不僅僅是藉方。

And when we say positive growth in the credit portfolio, that is a global comment.

當我們說信貸組合的正增長時，這是一個全球性的評論。

We are seeing positive growth in our portfolios, both debit and credit in the United States and across the globe.

我們看到我們的投資組合在美國和全球的借方和貸方都出現了正增長。

Whether that will be sustained or at what level remains to be seen, but these, back in December and January, it was just hard to know whether, particularly on the cross-border front, whether we were seeing pent-up demand.

這種情況是否會持續或保持在什麼水平還有待觀察，但這些，早在 12 月和 1 月，就很難知道我們是否看到了被壓抑的需求，尤其是在跨境方面。

Well, here we are now in March, and we're continuing to see very strong increases year-over-year in cross-border.

好吧，我們現在是三月份，我們繼續看到跨境業務同比增長非常強勁。

The next question comes from Craig Maurer, CLSA.

下一個問題來自里昂證券的 Craig Maurer。

Good afternoon.

下午好。

I hate to go back to Chris's question, but I just want to be sure that none of the, " weakness" we saw in the yield, was driven by the JPMorgan and Washington Mutual resignings and possible concessions there.

我不想回到克里斯的問題，但我只想確定我們在收益率中看到的任何“弱點”都不是由摩根大通和華盛頓互惠銀行的辭職以及那裡可能的讓步所驅動的。

And to follow up, if you can comment on the composition in the rebound in US credit spending.

並跟進，如果你能評論美國信貸支出反彈的構成。

At American Express we saw pretty extraordinary growth rates out of the co-brand portfolio, and I was wondering if you were seeing a similar trend between that and your normal, non co-branded cards.

在美國運通，我們看到聯合品牌組合的增長率相當驚人，我想知道你是否看到了與普通非聯合品牌卡相似的趨勢。

As Joe said, on the -- in terms of however you look at it, yield, growth rates, we are not seeing any material change in our yield environment for the yields that have been done over the past year.

正如喬所說，就你如何看待它、產量、增長率而言，我們沒有看到過去一年的產量環境在我們的產量環境中發生任何重大變化。

It's unfolding very consistently with, in terms of a yield standpoint, with how we planned the year.

從收益率的角度來看，它的發展與我們今年的計劃非常一致。

What is proceeding faster is the rate of recovery.

進展更快的是恢復速度。

Again, I use the word recovery advisedly.

再次，我建議使用恢復這個詞。

But I assure you, we did not expect to be generating 19% revenue growth at this time almost a year ago when we were assembling budgets.

但我向你保證，在大約一年前的這個時候，當我們在整理預算時，我們並沒有預期會產生 19% 的收入增長。

With regards to credit portfolio, I'm afraid our credit growth is being generated by categories that are a little less sexier.

關於信貸組合，恐怕我們的信貸增長是由不那麼性感的類別產生的。

It is -- we are start to see, as I mentioned earlier, a pickup on the credit side with regards to non-discretionary spend.

正如我之前提到的，我們開始看到信貸方面在非自由支配支出方面有所回升。

So it is fuel, it's discount stores, it's bill-pay, it's grocery stores.

所以它是燃料，它是折扣店，它是賬單支付，它是雜貨店。

But these -- what is encouraging is that these are categories that have -- that are recurring and have a high degree of stability associated with them.

但這些——令人鼓舞的是，這些類別具有——反復出現並具有與之相關的高度穩定性。

I might also add that on the travel front, we are starting to see increases in airline, in the hotel, year-over-year.

我還可以補充一點，在旅行方面，我們開始看到航空公司、酒店的同比增長。

But what is really driving the gate is the earlier categories I mentioned.

但真正推動大門的是我前面提到的類別。

The next question comes from Robert Dodd, Morgan Keegan.

下一個問題來自摩根·基岡的羅伯特·多德。

Hi, guys.

嗨，大家好。

A bit of a broader question, if I can.

如果可以的話，一個更廣泛的問題。

On advertising, I mean, I know we've put -- the Winter Olympics and the World Cup this year, we've got the rugby World Cup next year.

關於廣告，我的意思是，我知道我們已經放了——今年的冬奧會和世界杯，明年我們有橄欖球世界杯。

We have a number, obviously, of premium partners in the sponsorship department.

顯然，我們在讚助部門有許多優質合作夥伴。

Is it the plan to try and grow that number of sponsors to the high end, or are you happy with where you stand with the particular portfolio relationships you have right now?

是計劃嘗試將贊助商數量增加到高端，還是您對目前擁有的特定投資組合關係感到滿意？

We actually have reduced the number of sponsorships over the last couple of years, and our primary focus is on the Olympics, FIFA and the NFL.

在過去的幾年裡，我們實際上減少了贊助的數量，我們的主要關注點是奧運會、FIFA 和 NFL。

Beyond that, we don't have any significant or major sponsorships that we leverage our advertising against in any substantial way.

除此之外，我們沒有任何重要或主要的讚助，我們以任何實質性的方式利用我們的廣告。

And nor do we intend to.

我們也不打算這樣做。

The next question --

下一個問題——

I would like to go back and just clarify one thing that Byron talked about a little bit earlier, just to make sure that nobody misunderstands.

我想回過頭來澄清一下拜倫早些時候談到的一件事，以確保沒有人誤解。

I think that we did see a potentially a low water mark in some of our personal line maybe in the first quarter of this year.

我認為我們確實在今年第一季度的一些個人產品線中看到了潛在的低水位線。

But let reiterate that we are an efficient organization, we intend to be an efficient organization.

但讓我們重申一下，我們是一個高效的組織，我們打算成為一個高效的組織。

We're simply refocusing resources where they think that they should refocused, and our intention would be to end the year spending less on that line than we did last year.

我們只是將資源重新集中在他們認為應該重新集中的地方，我們的目的是年底在這條線上的支出比去年少。

Modestly less, but less, nonetheless.

稍微少一點，但還是少一點。

The next question does come from Jim Kissane, Bank of America, Merrill Lynch.

下一個問題確實來自美國銀行美林證券的 Jim Kissane。

Thanks.

謝謝。

Yes, quick question.

是的，快速提問。

Joe, on the signings on the back half, are these renewals or are they mostly new business?

喬，在後半部的簽約上，這些續約是新業務還是主要是新業務？

And going on to Byron, are the signing bonuses becoming more prevalent, especially the ones that don't have the claw backs?

繼續拜倫，簽約獎金是否變得越來越普遍，尤其是那些沒有爪背的人？

Thanks.

謝謝。

No, I don't think so.

不，我不這麼認為。

There is a combination of things that may -- that could come together under -- the funny thing about this is that it would happily come together in -- particularly in the third quarter.

有一些事情可能 - 可能會合併 - 有趣的是它會很高興地合併 - 特別是在第三季度。

But they're not one thing.

但它們不是一回事。

They're a number of things, and they are in a number of parts of the world.

它們有很多東西，它們分佈在世界的許多地方。

The real answer to the question is, what's going on is that we continue to attract new business and better business and that we continue to excel from a competitive point of view, and it's very, very consistent with our plan and where we want to go and where, fortunately, we seem to be ending up.

這個問題的真正答案是，正在發生的事情是我們繼續吸引新業務和更好的業務，並且從競爭的角度來看，我們繼續表現出色，這非常非常符合我們的計劃和我們想要去的地方幸運的是，我們似乎要結束了。

So I -- it would be wrong to say that everything is something new, but it would be just as wrong to say that a lot of it isn't very new.

所以我 - 說一切都是新事物是錯誤的，但說其中很多都不是很新也是錯誤的。

So that's where we are.

這就是我們所在的位置。

But you're not talking about 10% of -- crippling our revenue growth by 10% or something.

但你不是在談論 10% - 使我們的收入增長減少 10% 或其他東西。

You're talking about amounts of money that may amount to somewhere between 1.5% or 2%, 2%, 2.5% of our revenue growth in a particular quarter.

您所說的金額可能占我們特定季度收入增長的 1.5% 或 2%、2%、2.5% 之間。

And that would be a great quarter.

那將是一個很棒的季度。

The next question comes from Tim Willi, Wells Fargo.

下一個問題來自富國銀行的 Tim Willi。

Thanks, and good afternoon.

謝謝，下午好。

A question on yield and just tying into maybe your thoughts around pricing where I know you comment every quarter about what you expect there.

關於收益率的問題，只是與您對定價的想法有關，我知道您每個季度都會評論您對那裡的期望。

But could you talk about how you think about, on a multi-year basis, impacting revenue yield by value added product, whether that be around tools that give consumers more security around using the card or accessibility or prompting.

但是，您能否談談您如何看待，在多年的基礎上，通過增值產品影響收入收益，無論是圍繞為消費者提供更多安全使用卡或可訪問性或提示的工具。

Is there anything there to think about around revenue yield outside of price increases that you would highlight?

除了您要強調的價格上漲之外，還有什麼要考慮的收入收益嗎？

I would say at this point, nothing to highlight.

在這一點上我想說，沒有什麼要強調的。

It is very clearly an objective over time to introduce more services that only will yield more, but that will differentiate Visa more relative to alternate payment forms.

很明顯，隨著時間的推移，引入更多只會產生更多收益的服務是一個目標，但這將使 Visa 相對於替代支付方式更加與眾不同。

And of course, that is one of the strategic underpinnings of why we were interested in CyberSource, which is a discussion, as you know, for another day.

當然，這也是我們對 CyberSource 感興趣的戰略基礎之一，如您所知，這是另一天的討論。

But thank you for asking.

不過謝謝你的提問。

And the next question comes from Jamie Friedman, Susquehanna.

下一個問題來自 Susquehanna 的 Jamie Friedman。

Hi, good evening.

嗨，晚上好。

Thanks for taking my question.

感謝您提出我的問題。

I want to ask about the prepaid.

我想問一下預付費用。

And Joe, thanks for sharing the $1 billion debit prepaid number.

還有喬，感謝您分享 10 億美元的借記卡預付號碼。

That was helpful.

那很有幫助。

I'm wondering if the growth in prepaid is noticeably different from some of your other products.

我想知道預付費的增長是否與您的其他一些產品明顯不同。

And if, as we had dialoged at the analysts day, you might contemplate breaking that out over time.

如果，正如我們在分析師日所對話的那樣，你可能會考慮隨著時間的推移打破它。

How significant is that for the company?

這對公司有多重要？

Thank you.

謝謝你。

We've never broken out the absolute significance of it, but I think we've suggested that of the new products that we're involved in, or the new initiatives that we're involved in, this is the most mature, and I think that we would certainly consider breaking it out when we -- as we go into 2011.

我們從來沒有打破它的絕對意義，但我認為我們已經提出了我們參與的新產品，或者我們參與的新舉措，這是最成熟的，我認為當我們進入 2011 年時，我們肯定會考慮打破它。

The next question comes from Moshe Katri, the Cowen Group.

下一個問題來自 Cowen Group 的 Moshe Katri。

Or not?

或不？

Moshe, your line might be muted.

Moshe，你的電話可能被靜音了。

Hello?

你好？

Can you hear me now?

你能聽到我嗎？

Yes, we can hear you.

是的，我們可以聽到你的聲音。

Great, can we get an update on the merchant lawsuit in terms of of some of the pending deadlines?

太好了，我們能否就一些未決的最後期限獲得有關商家訴訟的最新信息？

And then maybe looking at the recent volcano eruption and in terms -- can we -- can you give us a feel on whether we should see an impact?

然後也許看看最近的火山噴發 - 我們可以 - 你能給我們一個感覺，我們是否應該看到影響？

Was there an impact on cross-border transaction volumes during the June quarter because of that?

是否因此對 6 月季度的跨境交易量產生了影響？

Thanks.

謝謝。

I'm going to let Byron start off by telling you about the volcano, and then I'll comment.

我會讓拜倫先告訴你關於火山的事，然後我會發表評論。

Notice how we all refer to it as the volcano eruption as opposed to trying to pronounce the name of the volcano that erupted.

請注意，我們都將其稱為火山噴發，而不是試圖說出噴發的火山的名稱。

What we can say is that for about three days we saw a blip in the force, but it was not a blip of any substantive size.

我們可以說的是，在大約三天的時間裡，我們看到了部隊的一個小插曲，但這並不是任何實質性的小插曲。

And that the, if I can call it a bounce-back, things seemed to have bounced back very quickly.

而且，如果我可以稱之為反彈，事情似乎很快就反彈了。

And so we do not expect to have any call-out in the quarter associated with the volcano eruption at this time.

因此，我們預計此時不會在本季度與火山噴發相關聯。

It was an event, but for revenue purposes, I think for us, it is a non-event.

這是一個事件，但出於收入目的，我認為對我們來說，這是一個非事件。

As it relates to the litigation, there are motions that are pending.

由於涉及訴訟，因此有一些未決的動議。

There is no trial date that's been set.

沒有確定試用日期。

There is a mediation that's ongoing, but obviously under those circumstances, I don't have anything else that I can report to you about the litigation at this time.

正在進行調解，但顯然在這種情況下，我目前沒有任何其他關於訴訟的信息可以向您報告。

The next question comes from Bruce Harting, Barclays.

下一個問題來自巴克萊銀行的 Bruce Harting。

Is there anything to read into the 1% slide in the April volume from March?

從 3 月份開始， 4 月份銷量下滑 1% 有什麼值得解讀的嗎？

And then, is it just my imagination or are you a little skimpy on the guidance for 2011 relative to this time last year?

然後，這只是我的想像，還是你對 2011 年的指導相對於去年這個時候有點吝嗇？

I don't see any revenue growth guidance or volume in support incentives.

我沒有看到任何收入增長指導或支持激勵措施。

Let's just level everything.

讓我們把一切都拉平。

We talked in -- I talked earlier about the fact that we thought we would see a little bit of pullback in the second half of the year as it related to our revenue growth, due to lapping the pricing increase in the fourth quarter, and due to the lump -- as Byron said, the lumpiness in the incentive line.

我們談過——我早些時候談到了這樣一個事實，即我們認為我們會在下半年看到一些回調，因為這與我們的收入增長有關，由於第四季度的定價增長，並且由於到塊狀——正如拜倫所說，激勵線中的塊狀。

Having said that, our projections for -- our guidance for the rest of this year and frankly, well, for the rest of this year, are not predicated on a continued rapid ramp-up of volume.

話雖如此，我們對今年剩餘時間以及坦率地說，今年剩餘時間的指導的預測並不是基於銷量的持續快速增長。

I also mentioned earlier in my speaking speaking points that while we're optimistic, I'm not betting on a continued recovery that just goes through the roof.

我之前在演講中也提到過，雖然我們很樂觀，但我並不認為經濟會持續復甦。

So that kind of sets where we are in 2010.

所以我們在 2010 年的那種場景。

Obviously, under those circumstances as it relates to 2011, we've talked about the 20 -- better than a 20% growth in our earnings per share, but I'm really reluctant to try to pinpoint things, specifically pinpoint revenue, or some of the other categories until we get a little bit further in the year and I'm a little bit more comfortable with where the economy is and where it's going and where our volume is going.

顯然，在與 2011 年相關的情況下，我們已經談到了 20 年——優於每股收益 20% 的增長，但我真的不願意嘗試確定具體情況，特別是確定收入或一些直到我們在今年進一步發展之前，我對其他類別的經濟狀況和發展方向以及我們的交易量的發展方向感到更加自在。

We're poised to do well if the economy does well.

如果經濟表現良好，我們將做好準備。

You know?

你知道？

Our success, to some extent will follow an economic recovery.

我們的成功，在某種程度上將伴隨著經濟復甦。

We have enjoyed volume increases up to now by expanding categories and moving into new geographies.

到目前為止，我們通過擴大類別和進入新的地區來享受銷量的增長。

We will continue to do that.

我們將繼續這樣做。

But that would obviously be enhanced by any worldwide economic recovery.

但這顯然會因全球經濟復甦而得到加強。

Or economic recovery in certain pockets of the world.

或者世界某些地區的經濟復甦。

So we're optimistic, but we're not going to go overboard, and I'm going to continue to be reluctant to predict what's going to happen until I have some more certainty around whether it's going to happen.

所以我們很樂觀，但我們不會過火，我將繼續不願預測會發生什麼，直到我對它是否會發生有更多的確定性。

And I would just add to that, that by the time we give 2011 guidance, we would like to be able to include CyberSource into that guidance, assuming the transaction (inaudible) in the fourth fiscal quarter.

我想補充一點，在我們提供 2011 年指導時，我們希望能夠將 CyberSource 納入該指導，假設交易（聽不清）在第四財季進行。

Jose, we probably have time for one more question.

何塞，我們可能還有時間再問一個問題。

The last question does come from Don Fandetti, Citigroup.

最後一個問題確實來自花旗集團的 Don Fandetti。

Joe, in terms of the alternative payments and eCommerce, are you where you think you need to be with your pending acquisition at RightClick?

喬，就替代支付和電子商務而言，您認為您需要在 RightClick 進行待定收購嗎？

And then, how do you stand versus some of the other networks?

然後，與其他一些網絡相比，您的立場如何？

I think that our recent acquisition is a spoke in the wheel.

我認為我們最近的收購是車輪上的輻條。

I think it is one of the things that we had wanted to do and had thought about doing as we were putting our eCommerce strategy and our strategies for growth in the future together.

我認為這是我們在將電子商務戰略和未來增長戰略結合在一起時想做並考慮做的事情之一。

I think we talked about that at investor day.

我想我們在投資者日討論過這個問題。

And so what we've just done is consistent with what we talked about.

因此，我們剛剛所做的與我們所談論的一致。

But it is one part of it.

但它是其中的一部分。

It is not, by any stretch of the imagination, the entire answer.

無論如何，這不是完整的答案。

But as it relates to whether I am comfortable at where we need to be, given what we need to do, yes, I am comfortable.

但是，考慮到我們需要做什麼，這與我是否在我們需要的地方感到舒服有關，是的，我很舒服。

Or as comfortable as one can be in a rapidly changing environment.

或者在快速變化的環境中盡可能舒適。

I think Visa has done a good job over the years in doing the research and the heavy lifting and moving that is enabling us to bring products to market today.

我認為 Visa 多年來在進行研究以及繁重的工作和搬運方面做得很好，這使我們能夠將產品推向市場。

We at Visa, as a public company, are very fortunate as it relates to some of the things that went on in Visa, the association prior to our IPO.

作為一家上市公司，我們 Visa 非常幸運，因為這與我們 IPO 之前在 Visa 中發生的一些事情有關。

And we're the very fortunate recipients of a lot of a infrastructure and a lot of effort and testing, and tests in the market that are the type of experience that you can't buy, you have to experience.

我們非常幸運地接受了很多基礎設施、大量努力和測試，以及市場上的測試，這些體驗是你買不到的，你必須體驗。

So I think we're prepared, and I'm as confident as ever that we're ready to move forward.

所以我認為我們已經做好了準備，而且我一如既往地相信我們已經準備好繼續前進。

Well, that concludes our call, everybody.

好了，大家的電話到此結束。

Thank you, as always, for joining us today.

一如既往地感謝您今天加入我們。

And if you have any follow-up questions, feel free to call either Victoria or myself.

如果您有任何後續問題，請隨時致電 Victoria 或我本人。

Thank you for your participation in today's conference call.

感謝您參加今天的電話會議。

The call has concluded.

通話已結束。

You may go ahead and disconnect at this time.

此時您可以繼續斷開連接。